Bitcoin Ordinals Trading Volume Surges to Highest Level Since December 2024
Daily trading in Bitcoin Ordinals has reached its most active level since December 6, 2024, with CryptoSlam data showing $11.5 million in sales on July 14.
The data also highlighted a significant gap between buyers and sellers, with more than 8,000 unique buyers compared to approximately 3,000 unique sellers, marking the widest buyer/seller gap in five months.
This surge in trading activity has pushed the sales volume curve above every reading printed this year and has brought the buyer count to its highest point since late November.
Weekly Totals Show Acceleration in Trading Activity
Activity in Bitcoin Ordinals has been on the rise for more than a week. CryptoSlam’s seven-day dashboard lists $25.8 million in sales, a 116% increase from the previous seven-day window, despite a decrease in the number of buyers and sellers.
The wash volume has also increased by 42%, although it only represents 1% of the total volume in the period. Additionally, the dollar-denominated average sale value has increased by nearly 40% in July.
Despite the increase in selling volumes, Bitcoin Ordinals have been experiencing a significant slump since February when they last recorded over $100 million in monthly volume. As of July 14, trading volume has reached nearly $39 million, with the potential to surpass June’s $58.1 million. However, with the current average daily transaction count at 4,012, it is unlikely to reach $100 million.
‘Uncategorized Ordinals’ Lead 24-Hour Rankings
In the 24-hour collection leaderboard, “Uncategorized Ordinals” topped the charts with $8.27 million in turnover, a 1,051% increase from the previous day. This category includes assets not tied to any named collection, indicating a surge in interest in smaller or freshly minted sets.
On a weekly basis, the volume of uncategorized collections has increased by approximately 1,900%, surpassing $8.4 million. This suggests that a concentrated interest in a few micro-caps can significantly impact the overall trading volume when liquidity improves.
Collections Remain Fragmented in the Market
Unlike last autumn when two top-10 collections dominated the market, there is currently no single dominant project. As of now, no named collection, other than the uncategorized pool, has captured more than a single-digit share of daily turnover.
Bitcoin Puppets and Runestone recorded the highest daily volumes among named collections, with NodeMonkes leading in volume over the last seven days. However, these collections only represent a small percentage of the total trading volume.
In conclusion, the surge in trading activity in Bitcoin Ordinals indicates a renewed interest in the market, with a diverse range of collections driving the momentum. Despite the challenges faced in recent months, the market remains dynamic and continues to attract traders and investors alike.